Flood Insurance

Your homeowner or renter's insurance policy may not cover losses caused by flooding.

If your home has plumbing fixtures or floor drains below street level, your basement could flood. Water damage from heavy rain storms, snow melt or sewer backups are most often not covered by the homeowner's policy, but it may be covered by flood insurance. Even if you do not live in a FEMA designatedflood zone, it might be wise to get flood insurance. Approximately 25% of flood-related claims are for homes outside of a FEMA designated flood zone.

If you feel your home may be susceptible to flooding, you should consider obtaining flood insurance prior to when you think you may need it. Policies typically require a 30-day waiting period before becoming effective. Even where flooding occurs more regularly and slowly, thirty days may be too long. Snowmelt flooding, heavy rainfall and flash flooding can occur with little warning (see exceptions below underResources). Contact your insurance agent for additional information. Additionally, the risk level of a particular area can change over time. New construction development and environmental changes can alter the impact of flood waters in your area.

If your home is in a flood zone (also called a flood plain), your mortgage lender will require flood insurance. Flood zones are mapped by the Federal Emergency Management Agency (FEMA). To find a map of flood zones, go to the FEMA website.

National Flood Insurance Program

The City of Minneapolis participates in the National Flood Insurance Program (NFIP), which means that all residents are eligible to purchase flood insurance from the Federal Government.

Cost of flood insurance

You can buy flood insurance through most insurance companies. The annual cost for flood coverage can vary from as little as $200, up to $2,000, depending on what FEMA designated flood zone you live in. Coverage for household contents is separate, so renters can also purchase flood insurance.